Save RSPT for future generations

Treasury secretary Ken Henry brought two relevant concepts into his post-budget speech to market economists in Sydney.He compares the resources super profits tax to an economic rent for the use of a mineral deposit. He says: “These natural resources are assets belonging to all Australians, including Australians not yet born.’’

It is critical to note that his economic rent is being generated by a wasting asset so it is essential that if it is to be available for “Australians not yet born" it should not be channelled into general revenue to be spent on today’s Australians as Labor proposes.

It should, as the Norwegians have done so successfully, be sent untouched into a sovereign wealth fund such as our Future Fund so it is available for those future generations Henry has identified as stakeholders.